Divine savings on Wake Forest student loans

Regarded among the nation’s top universities, WFU provides Demon Deacons with a unique college experience in Winston-Salem—driven by personal attention and expansive research opportunities. Earnest helps Wake Forest students and grads finance their education with smart, affordable student loans. Please note, Wake Forest University is not affiliated with Earnest and does not endorse Earnest's loans.

A fulfilling journey awaits in Winston-Salem

Demon Deacons reap personal and professional growth at Wake Forest

Wake Forest University has a long history of offering remarkable degree programs in a variety of fields. Some of their most notable programs include an MBA from Wake Forest School of Business, a JD from Wake Forest School of Law, an MD from Wake Forest School of Medicine, and an MDiv from Wake Forest School of Divinity.

The Reynolda Campus (named for the Reynolds family, founder of the Reynolds Tobacco Company) contains most university buildings, while the School of Medicine is located on the Bowman Gray Campus. Famous for its academic chops, Wake faculty are some of the best in the world. Until her death in 2014, Maya Angelou was the campus’s most renowned professor. Although around half the student population participates in Greek life, Wake offers plenty of diversions for all students, most notably its fierce ACC athletic rivalries.

Getting the most value from a Wake Forest education

Earnest student loans and student loan refinancing

Wake Forest University AlumniWFU grads with student loan debt rely on Earnest for a seamless consolidation and refinancing experience. You receive competitive rate offers based on your personal financial profile and you can customize your payments to work with your desired budget and timeline. Wherever your Wake Forest education leads you—Earnest wants to save you money along the way.

Wake Forest University StudentsWFU is committed to helping Demon Deacons afford the highly-ranked private education they desire. In fact, 99.9% of applicants with financial need receive some form of aid and the average award is $40,534. We encourage you to contact the Wake Forest University Financial Aid office to learn more about Wake Forest scholarships, grants, jobs, and other ways to ensure you leave Winston-Salem with a lifetime of wisdom and memories—not student debt.

Many people are able to refinance into much lower interest rates, saving them thousands, if not tens of thousands, of dollars. In addition, Earnest offers in-house support for the life of your loan and a seamless technology platform to manage your loan.

Consolidation simply combines multiple student loans into one. That means one monthly payment instead of having to juggle many different ones, sometimes with multiple servicers. When you consolidate, your interest rate will be a weighted average of the interest rates on the loans you combine. You won’t save money— but it can make life easier by reducing the amount of time you spend managing different payments.

Refinancing can be done with one loan or several, and involves getting a new loan with a different (usually lower) rate than before, due to changes in your financial situation. When you refinance, you typically work with a company to pay off the original loan(s) and get a new unified loan at a lower rate.

Recommended reading for WFU students

Refinancing is easier with Earnest

Rather than looking at student loans as a ball and chain, we see them as a balloon—lifting students to new heights, and enabling incredible opportunities and achievements. Through innovative data science we make that balloon as light as possible, saving clients thousands on every loan. And with exceptional service, we ensure our clients make decisions with confidence. At Earnest, we seek to offer a student loan like no other.

Disclaimers

Explanation of $21,810 Average Client Saving

Average savings calculation is based on all Earnest clients who refinanced their student loans between 1/1/15 and 6/10/16. The savings of a particular client is calculated by subtracting the projected lifetime cost of their Earnest refinancing from the projected total cost of their original student loan, which is calculated using the original loan’s APR and monthly payment based on the same principal balance as their requested Earnest loan.

Simply put:

The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.

Here’s what our math includes:

Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)

Both fixed and variable rate loans

And here’s what our math excludes, and why:

Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)

For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)

Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)

All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)

Explanation of Rates “With Autopay”

Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

Explanation of Precision Pricing™ Savings

Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.

Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.

Client Testimonials

Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.